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Report Overview
The global legal cannabis market is expected to grow in the forecast period of 2024-2032 at a CAGR of 23%.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- One of the fastest-growing sectors in the United States is the legal cannabis industry, which is expected to generate USD 25 billion in sales in 2021, a 43% increase over 2020, thereby propelling the growth of the legal cannabis market.
- As of July 2021, the use of cannabis for medical purposes is permitted in 36 states and the District of Columbia (DC), while adult non-medical cannabis usage is lawful in 18 of those states and DC.
- According to reports, in 2024, the United States Drug Enforcement Administration will take steps to reschedule marijuana as a less harmful drug.
Competitive Landscape
Global legal cannabis market players, such as growers, makers, distributors, and retailers, are striving to acquire a larger market share, ensure high-quality product, and stay in compliance with applicable regulations. They also seek innovation, brand differentiation, education of consumers, and meeting increasingly growing demand as part of their business objectives. In addition, legal cannabis companies will be advocating for further legalisation and less complicated regulation to spur growth, gain maximum profits from the expanding legal cannabis market, and be part of its economic contribution.
Key Market Players
Key industry leaders in this market are:
Canopy Growth Corporation (established 2013, headquartered in Smiths Falls, Canada) has diversified its product portfolio, expanding into edibles, beverages, and topicals to meet various consumer preferences. The company also focuses on international growth, acquiring licences and establishing operations in Europe and Latin America.
Cronos Group Inc. (established 2013, headquartered in Toronto, Canada) focuses on developing CBD-based wellness products, catering to the non-psychoactive cannabis market. The company invests in brand development to build strong consumer loyalty and differentiate itself in the competitive legal cannabis market.
Tilray Brands, Inc. (established 2018, headquartered in Nanaimo, Canada) pursues market growth through strategic acquisitions of cannabis companies and brands, expanding its product offerings. The company invests heavily in research and development to innovate and enhance the quality and effectiveness of its cannabis products.
Aurora Cannabis Inc. (established 2006, headquartered in Edmonton, Canada) strengthens its position in the medical cannabis market by developing new therapeutic products and conducting clinical research. The company also emphasises sustainability initiatives, implementing eco-friendly cultivation practices to minimise its environmental impact.
Other major players in the global legal cannabis market report are Maricann Inc., among others.
Legal Cannabis Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market is projected to grow at a CAGR of 23% between 2024 and 2032.
The major market drivers are the increasing demand for cannabinoid-infused food products and the rising awareness regarding the health benefits of cannabis.
The key trends guiding the market growth include the development of innovative cannabis products, the rising demand for cannabis among women, and increasing research and development (R&D) activities initiated by the leading companies.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major products derived from legal cannabis in the market are marijuana and industrial hemp.
The significant application segments of legal cannabis are marijuana and industrial hemp.
The leading distribution channels of legal cannabis in the market are regulated dispensary, recreational stores, and stand-alone retailer, among others.
The major players in the market are Canopy Growth Corporation, Aurora Cannabis Enterprises Inc., and Maricann Inc., among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124